Norfolk Southern & Union Pacific file STB merger application for first transcontinental railroad

NORFOLK SOUTHERN CORP

7,000-page application filed with STB on Dec. 19, 2025; 2,000 support letters; 99% shareholder approval at both companies.
End-to-end combination to create 50,000 route-mile network connecting 43 states and 100+ ports.
Expects to shift 2 million truckloads from road to rail annually; estimated 60,000 car-miles saved per day.
Protects all union jobs; expects ~900 net new union jobs by year three; $2.1B incremental capital planned.
Transaction expected to close by early 2027, subject to STB approval and oversight.

item 7.01

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